The letter to shareholders - N°84 Spring 2023

Dear Shareholders,

Your Group published its first quarter sales on Wednesday, 19 April.

In a beauty market that remains very dynamic, L’Oréal has maintained strong growth momentum and posted an excellent first quarter, with sales up +13.0% like-for-like and +14.6% reported.

Boosted by valorised innovations in all Divisions and the engagement of our teams around the world, L’Oréal has outperformed the market in all geographic Zones and strengthened its leadership position.

This performance, which has yet to benefit from China’s reopening, demonstrates the strength of L’Oréal’s balanced multipolar model.

I am thrilled to soon welcome the magnificent Aēsop brand and its teams, which will reinforce L’Oréal Luxe.

Mindful of the current uncertainties, we remain optimistic about the outlook for the beauty market, ambitious for the future and confident in our ability to keep outperforming the market and achieve another year of growth in sales and profits in 2023.